The multi-cloud management solutions market to flourish at a CAGR of 23.6% during the 2022-2032 forecast period. As per the study, the multi-cloud management industry is forecast to reach a valuation of US$ 75 Billion by 2032. Multi-cloud management platforms enable businesses to manage numerous cloud services, such as SaaS, PaaS, and IaaS, within a single heterogeneous architecture. Multi-cloud management enables the deployment and administration of enterprise-class applications across public, private, and hybrid clouds. It also enables enterprises to streamline cloud storage administration while increasing security.
The continuous rollout of high-speed 5G networks, developments in cutting-edge technologies such as AI and Machine Learning (ML), and the improved flexibility provided by cutting-edge cloud computing technologies are likely to boost the sector throughout the projection period. Concerns about the dependability of single clouds and vendor lock-in situations, as well as a growing preference for cost-effective cloud installations and increasing pressure to ensure compliance with various data security and privacy protection regulations, are driving enterprises to adopt multi-cloud management solutions.
End-users have more negotiating power with multi-cloud management since they may switch between several providers rather than depending on a single provider. Furthermore, end users may employ multi-cloud management to divide their workload across many clouds and provide greater flexibility in data distribution. During the projection period, North America is estimated to have the greatest market share in the Multi-Cloud Management market followed by the European region. The region’s cloud services industry is rapidly transitioning from isolated cloud solutions to platforms that incorporate onsite, public, and private IaaS. Because of its powerful economic infrastructure and corporate need for cloud services, Europe is expected to be the industry’s second biggest region in terms of market size.
Key Takeaways from the Market Study
- By 2022-end, multi-cloud management deployment will likely acquire a value of US$ 9 Billion.
- According to Fact.MR, large enterprises will likely account for bulk of multi-cloud management use, expanding at a 22% CAGR.
- Multi-cloud management market in the U.S to accumulate a market share of 35% in 2022
- Germany to be a key growth hotspot in Europe, accelerating at a 21% CAGR
- The BFSI segment is anticipated to grow at a CAGR of 23% during the projected period
- Global multi-cloud management market to flourish 8.3x from 2022 to 2032
“The major factors driving market growth are uncertainty about single cloud reliability, an increase in organizations’ preference for price-sensitive cloud deployments, an increase in the need to avoid vendor lock-in, and an increase in the need for policy compliance from regulatory bodies for data sovereignty,” says an analyst at Fact.MR
Key Challenges hindering Multi-Cloud Management
Application Portability across Several Cloud Environments may Restrain Uptake
On a single platform, cloud service brokers handle cloud resources from numerous CSPs. It helps enterprises to more efficiently administer and manage multi-cloud services, saving time and money on planning and provisioning.
The capacity to deploy and de-provision public cloud services, on the other hand, does not enable application portability, which may be described as the ability of programmes to operate on multiple cloud environments without modifying the cloud’s configuration information. This allows businesses to concentrate on their primary business operations, as all resources are grouped on a centralised platform, rather than worrying about diverse platforms and their varied peculiarities.
While transferring workloads from one cloud environment to another, cloud brokers may encounter limits. Workloads are thus bound inside a single public cloud provider once they are designed for or transferred to it. Moving workloads/applications from location to location in search of the greatest performance and cost reductions becomes a key impediment to Cloud Services Brokerage (CSB) technology.
Competitive Landscape
Penetrating new geographies, collaborating with government agencies or service providers and rebranding initiatives comprise some major strategies adopted by prominent multi-cloud management providers. Some prominent market developments are as follows:
- In April 2022, Alibaba Cloud has teamed with VMware to provide new Alibaba Cloud VMware services in China. This launch has expedited business digital transformation. It allowed businesses to upgrade and transfer apps, as well as shift workloads across VMware and Alibaba’s multi-cloud management environments.
- In September 2021, VMware, Inc. purchased Mode.net a firm recognized for integrating physically different service underlays into coherent networks that incorporate cloud-scale and adaptability with assured QoS and SLAs. The purchase bolstered VMware’s portfolio of technology and talents as it continues to supply VMware Telco Cloud
- In May 2022, CoreStackand Ingram Micro Cloudpartnered to deliver next generation solutions for FinOps and Cloud Governance. The CoreStack solutions include CloudOps for cloud management and acceleration, FinOps for cloud cost management (FinOps) and SecOps for cloud security posture management.
These insights are based on a report on Multi-Cloud Management Market by Fact.MR.
